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Mortgage Modification Agreement

Mortgage Modification Agreement Template for Indonesia

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Key Requirements PROMPT example:

Mortgage Modification Agreement

"I need a Mortgage Modification Agreement for an Indonesian commercial property loan where we're extending the loan term by 5 years and reducing the interest rate from 12% to 8.5%, with the changes to take effect from March 1, 2025."

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Document background
A Mortgage Modification Agreement is essential when parties need to alter the terms of an existing mortgage arrangement in Indonesia. This document is commonly used during financial hardship, interest rate adjustments, or when restructuring payment terms to prevent default. It must comply with Indonesian banking regulations, particularly Law No. 4 of 1996 on Mortgage Rights and Financial Services Authority (OJK) regulations. The agreement typically requires notarization and registration with the National Land Office (BPN) to be legally effective. It includes details of the original mortgage, specific modifications being made, and confirmations that the original security remains valid. This document is particularly relevant in situations involving loan restructuring, payment term modifications, or interest rate adjustments, while ensuring all changes comply with Indonesian banking and property laws.
Suggested Sections

1. Parties: Identification of the lender and borrower, including their complete legal names, addresses, and registration details

2. Background: Recitals explaining the existing mortgage agreement, reason for modification, and confirmation that the original security remains in place

3. Definitions: Key terms used in the agreement, including references to the original mortgage agreement and new terms specific to the modification

4. Modification Terms: Specific changes to the original mortgage terms (e.g., interest rate, payment amount, loan term)

5. Confirmation of Other Terms: Affirmation that all other terms of the original mortgage remain unchanged and in full force

6. Representations and Warranties: Statements by borrower confirming their continued ability to meet obligations and that no defaults exist

7. Conditions Precedent: Requirements that must be met before the modification takes effect

8. Registration and Notarization: Requirements for registering the modification with relevant authorities and notarization requirements

9. Costs and Expenses: Allocation of costs related to the modification

10. Governing Law: Confirmation of Indonesian law as governing law and jurisdiction

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Additional Security: Required if additional collateral is being added as part of the modification

2. Release of Guarantors: Include if any existing guarantors are being released from their obligations

3. New Guarantors: Required if new guarantors are being added as part of the modification

4. Insurance Requirements: Include if there are changes to insurance requirements

5. Default Cure: Include if the modification is being made to cure an existing default

6. Tax Provisions: Required if there are specific tax implications of the modification that need to be addressed

Suggested Schedules

1. Schedule 1 - Modified Payment Schedule: Detailed schedule of new payment amounts, dates, and interest calculations

2. Schedule 2 - Property Details: Updated description and registration details of the mortgaged property

3. Schedule 3 - Original Mortgage Agreement: Copy or details of the original mortgage agreement being modified

4. Appendix A - Required Regulatory Forms: Forms required by Indonesian authorities for registration of the modification

5. Appendix B - Consent Documents: Any required consent documents from third parties, guarantors, or regulatory authorities

6. Appendix C - Updated Insurance Certificates: If applicable, copies of updated insurance certificates reflecting any changes

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking & Financial Services

Real Estate

Property Development

Housing & Construction

Insurance

Legal Services

Financial Technology

Mortgage Services

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Property Management

Loan Administration

Document Management

Real Estate Operations

Banking Operations

Risk Management

Relevant Roles

Mortgage Officer

Credit Risk Manager

Legal Counsel

Loan Officer

Property Manager

Real Estate Manager

Compliance Officer

Banking Operations Manager

Credit Analysis Manager

Restructuring Specialist

Property Rights Specialist

Document Management Officer

Chief Legal Officer

Chief Risk Officer

Mortgage Operations Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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